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Compensation Related Costs, Retirement Benefits
 12 Months Ended
Feb. 28, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plan Obligations EMPLOYEE BENEFIT PLAN OBLIGATIONS
Employee Benefit Plan Obligations (net)February 28,
2025		February 23,
2024
Defined contribution retirement plans$34.3 $27.1 
Post-retirement medical benefits25.4 27.2 
Defined benefit pension plans38.4 38.9 
Deferred compensation plans and agreements52.0 49.7 
$150.1 $142.9 
Employee benefit plan assets
Long-term asset$0.3 $1.5 
$0.3 $1.5 
Employee benefit plan obligations
Current portion$49.7 $39.9 
Long-term portion100.7 104.5 
$150.4 $144.4 
Defined Contribution Retirement Plans
Substantially all of our U.S. employees are eligible to participate in defined contribution retirement plans, primarily the Steelcase Inc. Retirement Plan (the “Retirement Plan”). Company contributions, including discretionary profit sharing and 401(k) matching contributions, and employee 401(k) contributions fund the Retirement Plan. All contributions are made to a trust which is held for the sole benefit of participants.
Total expense under all defined contribution retirement plans was $44.6 for 2025, $38.4 for 2024 and $26.1 for 2023. We expect to fund approximately $46.4 related to our defined contribution plans in 2026, including funding related to our 2025 discretionary profit sharing contributions.
Post-Retirement Medical Benefits
We maintain post-retirement benefit plans that provide medical and life insurance benefits to certain North American-based retirees and eligible dependents. The plans were frozen to new participants in 2003. We accrue the cost of post-retirement benefits during the service periods of employees based on actuarial calculations for each plan. These plans are unfunded. Our investments in COLI policies are intended to be utilized as a long-term funding source for these benefit obligations. See Note 10 for additional information.
Defined Benefit Pension Plans
Our defined benefit pension plans include various qualified foreign retirement plans as well as domestic non-qualified supplemental retirement plans that are limited to a select group of management approved by the Compensation Committee. The benefit plan obligations for the non-qualified supplemental retirement plans are primarily related to the Steelcase Inc. Executive Supplemental Retirement Plan. This plan, which is unfunded, was frozen to new participants in 2016, and the benefits were capped for existing participants. In 2023, we entered into a contract with an insurer to annuitize our U.K. defined benefit pension plan, covering 100% of the membership in the plan. This agreement resulted in an exchange of plan assets for an annuity that covers our future projected benefit obligations. In 2025, all benefit obligations to the plan's participants were irrevocably transferred, which resulted in the accelerated recognition of actuarial losses from Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.
The funded status of our defined benefit pension plans (excluding our investments in COLI policies) is as follows:
Defined Benefit Pension
Plan Obligations		February 28, 2025February 23, 2024
Qualified PlansNon-qualified
Supplemental
Retirement Plans		Qualified PlansNon-qualified
Supplemental
Retirement Plans
ForeignForeign
Plan assets$0.3 $— $22.8 $— 
Projected benefit plan obligations9.5 20.5 30.7 21.8 
Funded status$(9.2)$(20.5)$(7.9)$(21.8)
Long-term asset0.3 — 1.5 — 
Current liability(0.4)(3.8)(0.3)(3.3)
Long-term liability(9.1)(16.7)(9.1)(18.5)
Total benefit plan obligations$(9.2)$(20.5)$(7.9)$(21.8)
Accumulated benefit obligation$6.9 $20.5 $28.1 $21.8 
 
Summary Disclosures for Defined Benefit Pension and Post-Retirement Plans
The following tables summarize our defined benefit pension and post-retirement plans:
Defined Benefit
Pension Plans		Post-Retirement
Plans
February 28,
2025		February 23,
2024		February 28,
2025		February 23,
2024
Change in plan assets:
Fair value of plan assets, beginning of year$22.8 $22.4 $— $— 
Actual return on plan assets0.7 0.7 — — 
Employer contributions2.0 4.5 3.6 2.9 
Plan participants’ contributions— — 1.8 1.9 
Settlements/Curtailments(21.8)— — — 
Currency changes0.3 1.1 — — 
Benefits paid(3.7)(5.9)(5.4)(4.8)
Fair value of plan assets, end of year0.3 22.8 — — 
Change in benefit obligations:
Benefit plan obligations, beginning of year52.5 53.9 27.2 27.5 
Service cost0.6 0.6 — 0.1 
Interest cost2.0 2.4 1.4 1.4 
Net actuarial loss (gain) (1)0.5 0.2 0.5 1.2 
Plan participants’ contributions— — 1.8 1.9 
Settlements/Curtailments(21.8)(0.7)— — 
Currency changes(0.1)1.3 (0.1)(0.1)
Special termination benefits— 0.3 — — 
Benefits paid(3.7)(5.5)(5.4)(4.8)
Benefit plan obligations, end of year30.0 52.5 25.4 27.2 
Funded status$(29.7)$(29.7)$(25.4)$(27.2)
Amounts recognized on the Consolidated Balance Sheets:
Long-term asset0.3 1.5 — — 
Current liability(4.2)(3.6)(2.6)(3.5)
Long-term liability(25.8)(27.6)(22.8)(23.7)
Net amount recognized$(29.7)$(29.7)$(25.4)$(27.2)
Amounts recognized in accumulated other comprehensive income (loss) —pretax:
Actuarial loss (gain)$(4.4)$9.1 $(12.0)$(14.6)
Prior service cost— 0.9 — — 
Total amounts recognized in accumulated other comprehensive income (loss) —pretax$(4.4)$10.0 $(12.0)$(14.6)
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(1) In 2025 and 2024, the net actuarial loss (gain) includes amounts resulting from changes in actuarial assumptions utilized to calculate our benefit plan obligations such as weighted-average discount rates.
Pension PlansPost-Retirement Plans
Year EndedYear Ended
February 28,
2025		February 23,
2024		February 24,
2023		February 28,
2025		February 23,
2024		February 24,
2023
Components of expense:
Service cost$0.6 $0.6 $0.7 $— $0.1 $0.1 
Interest cost2.0 2.4 1.6 1.4 1.4 1.1 
Amortization of net loss (gain)— 0.2 0.2 (2.0)(2.5)(1.8)
Amortization of prior year service cost (credit)— — 0.5 — — — 
Expected return on plan assets(0.7)(0.9)(0.4)— — — 
Effect of settlement/curtailments15.2 (0.3)— — — — 
Effect of special termination benefits— 0.3 — — — — 
Net expense (credit) recognized in Consolidated Statements of Income17.1 2.3 2.6 (0.6)(1.0)(0.6)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) (pretax):
Net actuarial loss (gain)0.5 0.4 (1.0)0.5 1.2 (5.1)
Prior service cost— — 0.5 — — — 
Amortization of gain (loss)— (0.2)(0.2)2.0 2.5 1.8 
Amortization of prior year service cost (credit)— — (0.5)— — — 
Losses recognized as part of the settlement/curtailments(14.4)— — — — — 
Prior service cost recognized as a part of settlement/curtailments(0.8)— — — — — 
Total recognized in other comprehensive income (loss)(14.7)0.2 (1.2)2.5 3.7 (3.3)
Total recognized in net periodic benefit cost and other comprehensive income (loss) —pretax$2.4 $2.5 $1.4 $1.9 $2.7 $(3.9)
Pension and Other Post-Retirement Accumulated Other Comprehensive Income (Loss) Changes Before Tax
Amount		Tax (Expense)
Benefit		Net of
Tax Amount
Balance as of February 24, 2023$9.1 $0.2 $9.3 
Net actuarial gain (loss) arising during period(1.6)0.4 (1.2)
Amortization of net actuarial (gain) loss included in net periodic pension cost(2.3)0.6 (1.7)
   Net actuarial gain (loss) during period(3.9)1.0 (2.9)
Foreign currency translation adjustments(0.6)0.1 (0.5)
   Current period change(4.5)1.1 (3.4)
Balance as of February 23, 2024$4.6 $1.3 $5.9 
Amortization of prior service cost (credit) included in net periodic pension cost0.8 (0.2)0.6 
   Net prior service (cost) credit during period0.8 (0.2)0.6 
Net actuarial gain (loss) arising during period(1.0)0.2 (0.8)
Amortization of net actuarial (gain) loss included in net periodic pension cost12.4 (2.7)9.7 
   Net actuarial gain (loss) during period11.4 (2.5)8.9 
Foreign currency translation adjustments(0.4)0.2 (0.2)
   Current period change11.8 (2.5)9.3 
Balance as of February 28, 2025$16.4 $(1.2)$15.2 
Weighted-Average
Assumptions		Pension PlansPost-Retirement Plans
Year EndedYear Ended
February 28,
2025		February 23,
2024		February 24,
2023		February 28,
2025		February 23,
2024		February 24,
2023
Weighted-average assumptions used to determine benefit obligations:
Discount rate4.50 %4.80 %4.80 %5.23 %5.46 %5.47 %
Rate of salary progression0.90 %0.50 %0.60 %
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate4.80 %4.80 %2.50 %5.46 %5.47 %3.38 %
Expected return on plan assets4.70 %4.20 %1.40 %
Rate of salary progression0.50 %0.60 %2.50 %
The measurement dates for our retiree benefit plans are consistent with our fiscal year end. Accordingly, we select discount rates to measure our benefit obligations that are consistent with market indices at the end of each year. In evaluating the expected return on plan assets, we consider the expected long-term rate of return on plan assets based on the specific allocation of assets for each plan, an analysis of current market conditions and the views of leading financial advisors and economists, as applicable.
The assumed healthcare cost trend was 7.22% for pre-age 65 retirees as of February 28, 2025, gradually declining to 4.50% after eight years. As of February 23, 2024, the assumed healthcare cost trend was 6.83% for pre-age 65 retirees, gradually declining to 4.50% after seven years. Post-age 65 trend rates are not applicable as our plan provides a fixed subsidy for post-age 65 benefits.
Plan Assets
In 2023, we entered into a contract with an insurer to annuitize our U.K. defined benefit pension plan, covering 100% of the membership in the plan. This agreement, or "buy-in", resulted in an exchange of plan assets for an annuity that covered our future projected benefit obligations. The initial value of the asset associated with this contract was equal to the premium paid to the insurer to secure the insurance policy. The value of the asset was adjusted each reporting period for changes in financial assumptions, such as discount rates and inflation indices. The asset represented a Level 3 measurement as there were no observable inputs with the valuation of the contract.
In 2025, all benefit obligations to the plan's participants were irrevocably transferred, which resulted in the accelerated recognition of actuarial losses from Accumulated other comprehensive income (loss). We recorded a $15.2 non-cash pension settlement charge in Other income (expense), net and a $3.4 discrete tax benefit in Income tax expense. As of February 28, 2025, the plan assets comprise of cash only, which represents a Level 1 measurement.
Our pension plans’ weighted-average investment allocation strategies and weighted-average target asset allocations by asset category as of February 28, 2025 and February 23, 2024 are reflected in the following table:
Asset CategoryFebruary 28, 2025February 23, 2024
Actual
Allocations		Target
Allocations		Actual
Allocations		Target
Allocations
Buy-in contract— %— %99 %100 %
Other (1)100 100 1 — 
Total100 %100 %100 %100 %
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(1)Represents cash and cash equivalents.
The fair value of the pension plan assets as of February 28, 2025 and February 23, 2024, by asset category are as follows:
Fair Value of Pension Plan AssetsFebruary 28, 2025
Level 1Level 2Level 3Total
Cash and cash equivalents$0.3 $— $— $0.3 
$0.3 $— $— $0.3 
Fair Value of Pension Plan AssetsFebruary 23, 2024
Level 1Level 2Level 3Total
Cash and cash equivalents$0.3 $— $— $0.3 
Buy-in contract— — 22.5 22.5 
$0.3 $— $22.5 $22.8 
Below is a roll-forward of the pension plan assets measured at estimated fair value using Level 3 inputs during 2025 and 2024:
Roll-Forward of Fair Value Using Level 3 Inputs
Pension Plan Assets
Balance as of February 24, 2023$21.9 
Change in estimated fair value(0.5)
Foreign currency gain1.1 
Balance as of February 23, 2024$22.5 
Change in estimated fair value(1.0)
Settlement(21.8)
Foreign currency gain0.3 
Balance as of February 28, 2025$— 
We expect to contribute approximately $4.2 to our pension plans and fund approximately $2.7 related to our post-retirement plans in 2026. The estimated future benefit payments under our pension and post-retirement plans are as follows:
Fiscal Year Ending in FebruaryPension 
Plans		Post-retirement
Plans
2026
$4.2 $2.7 
20273.3 2.6 
20283.0 2.5 
20292.9 2.4 
20303.0 2.3 
2031 - 203511.7 10.1 
Multi-Employer Pension Plan
One of our subsidiaries, SC Transport Inc., previously contributed to the Central States, Southeast and Southwest Areas Pension Fund (the "Fund"), a multi-employer pension plan, based on obligations arising under a collective bargaining agreement that covered SC Transport Inc. employees and retirees. Under current law, an employer that withdraws or partially withdraws from a multi-employer pension plan may incur a withdrawal liability to the plan, which represents the portion of the plan’s underfunding that is allocable to the withdrawing employer under very complex actuarial and allocation rules. 
In 2019, the Fund asserted that SC Transport Inc.'s absence of hiring additional union employees over the past ten years constituted an adverse selection practice under the Fund and, if not remedied, would result in an assessment of a withdrawal liability. As a result of the Fund's assertion, SC Transport Inc. recorded an $11.2 charge related to its estimated future obligations under a withdrawal from the Fund to be paid out in installments over a period of up to 20 years. The withdrawal liability was discounted using a rate of 3.5%. The balance of the liability as of February 28, 2025 was $8.7.
In 2020, SC Transport Inc. withdrew from the Fund, and the Fund issued a final assessment of our withdrawal liability. We appealed the amount of the assessment by the Fund. In 2024, we prevailed in arbitration on our claim, and the Fund appealed the arbitrator’s decision. The amount that may ultimately be required to settle any potential obligation may be lower or higher than our estimated liability, which we will adjust if needed, if and when additional information becomes available.
Deferred Compensation Programs
We maintain four deferred compensation programs. The first deferred compensation program is closed to new entrants. In this program, certain employees elected to defer a portion of their compensation in return for a fixed benefit to be paid in installments beginning when the participant reaches age 70. Under the second plan, certain employees may elect to defer a portion of their compensation. The third plan is intended to restore retirement benefits that would otherwise be paid under the Retirement Plan but are precluded as a result of the limitations on eligible compensation under Internal Revenue Code Section 401(a)(17). Under the fourth plan, our non-employee directors may elect to defer all or a portion of their board retainer and committee fees. The deferred amounts in the last three plans earn a return based on the investment option selected. These deferred compensation obligations are unfunded.
Deferred compensation expense (gain), which represents annual participant earnings on amounts that have been deferred, and expense (gains) related to restoration retirement benefits, were $5.5 for 2025, $7.7 for 2024 and $(2.9) for 2023.